1. "Enterprise Bond Management Regulations"
2. "National Development and Reform Commission's Notice on Further Notice on Improving and Strengthening the Management of Enterprise Bonds" (Fagai Caijin [2004] No. 1134)
3. "National Development and Reform Commission on the first issue of 2007" Notice on Issues Related to the Approval of Enterprise Bond Issuance Scale and Issuance Approval (Fagai Caijin [2007] No. 602)
2. Enterprise bond issuance conditions:
1. The use of funds raised complies with national industrial policies and industry development plans;
2. The net assets scale reaches the required requirements;
3. The economic benefits are good, with continuous profits for the past three fiscal years;
4. Good cash flow status and strong ability to pay debts when due;
5. No laws or major violations in the past three years Behavior;
6. The previously issued corporate bonds have been fully raised;
7. Already There is no delay in payment of principal and interest for the corporate bonds issued;
8. The balance of bonds issued by the company does not exceed 40% of its net assets. If used for fixed asset investment projects, the cumulative issuance amount shall not exceed 20% of the total investment of the project (currently 30%);
9. Comply with the National Development and Reform Commission According to the national industrial policy, industry development plan and macro-control needs, the key supporting industries of corporate bonds, the minimum net asset scale, and the upper and lower limits of the bond issuance scale are determined;
10 .Comply with relevant laws and regulations.
3. Process:
1. Approval of corporate bond issuance scale, follow the procedure below:
(1) Enterprises submit applications for bond issuance scale in accordance with the catalog of application materials for corporate bond issuance scale and its prescribed format. Provincial enterprises apply directly to the Provincial Development and Reform Commission; other enterprises submit their applications to the Provincial Development and Reform Commission after preliminary review by the Development and Reform Commission of each districted city. After unified review by the Provincial Development and Reform Commission, applications for the scale of enterprise bond issuance in our province will be made to the National Development and Reform Commission.
(2) The National Development and Reform Commission accepts applications for corporate bond issuance scale from time to time based on market conditions and the issued scale of bond issuance, and in accordance with national industrial policies and According to the bond issuance conditions stipulated in relevant laws and regulations and relevant documents of the State Council, the company's application for bond issuance scale will be reviewed. If the bond issuance conditions are met, the issuance scale and fund use will be determined. After approval by the State Council, the National Development and Reform Commission will issue a bond issuance decision. The scale will then be forwarded by the Provincial Development and Reform Commission to the scale of bond issuance involving enterprises directly under the province and relevant cities and put forward relevant requirements.
2. To approve the corporate bond issuance plan, follow the following procedures:
(1) Corporate Bonds After the issuer is approved for the scale of bond issuance, it shall submit the corporate bond issuance plan step by step according to the catalog of application materials for public issuance of corporate bonds and its prescribed format. After review by the Provincial Development and Reform Commission, apply to the National Development and Reform Commission.
(2) After the National Development and Reform Commission accepts the corporate bond issuance plan, it shall, in accordance with the bond issuance conditions stipulated in laws, regulations and relevant documents of the State Council, and the scale issued by the National Development and Reform Commission According to the requirements of the notice, the company shall review the application materials for the corporate bond issuance plan, provide feedback, and notify the issuer and lead underwriter to supplement and modify the application materials.
